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Since December 24th, Both Bitcoin and Ethereum have gone Parabolic. My heart just can't take it anymore.
Walking along the thin thread line.
My sendiment; Cautious bullish
Why have they gone Parabolic so fast? Definitely institutional money have their role to play. Ethereum has already pushed through the 900 USD level and the short term resistance is about 985 USD and if that level is cleared. After that, it is price discovery. The first stop should be at around 1500 USD.
At this point of time, from my own experience trading in Bitcoin and Ethereum, it is not really good to scalp or trade. There are two strategies that I've used this year.
Accumulate and dollar cost average
This is the better strategy if we know that the bull cycle is here. It's really hard to know when prices are going to just suddenly break upwards with no caution. I did well in the first 9 months using that strategy and after that I started to trade them instead
Trade and scalp
It's harder to do this. I actually found my self earning but my total number of Bitcoins and Ethereum to be less than where I was in the first place.
2021, I think it is going to be a rather bullish year and I think we have just gotten a small taste of what this market is like. I think the overall market is going to do well for Cryptos overall, so the best is still to hodler some and then trade a smaller portion for pocket money.
What I think likely is going to happen is Bitcoin is going sideways for a while and let all the other altcoins rise.
@luueetang